Welcome to Pennies For Cents
Hello and Welcome to Pennies For Cents,
It is really exciting to start this blog about personal finance and managing your money to achieve my money goals and aspirations.
What are your money goals?
We all have dreams and aspirations which, often, need moolah to come to fruition. I dream of going on a vacation each year, of buying a nicer house, of being able to send my daughter to college. I bet you have very similar dreams.
So how do we make our money dreams come true and let them not remain as pipe dreams? How do we go from pennies or cents to dollars to realizing our dreams?
These are the questions I will be helping you with through this blog. So follow along.
Who is behind Pennies For Cents?
C’est moi. A 45-year-old, ex-banker who happens to have ‘some’ knowledge of this big bad world of finance. I have worked for one bank or another ever since I finished my MBA. For the most part of my working career, my job was to help my bank raise funding for itself. In other words, I used to help my bank borrow at the best possible rates. (I know personal finance is a whole different ball game, though)
I have really enjoyed being a banker. Work was challenging and fun. I learned and grew professionally and personally.
However, for the last few years, this growth started tapering off, work became monotonous. I was not enjoying my work as much as earlier and I was quickly becoming disinterested. After much debate, I finally decided to take the plunge and end this chapter of my life – as a banker.
As you can imagine, it wasn’t an easy decision. Losing the comfort of that monthly paycheck is a big leap of faith. Switching from a double-income to a single-income family puts a lot of additional pressure on the sole bread earner.
You can read more about me on my About Me page.
As I stand here today, looking into the future
Today I am in a fairly comfortable place financially. We own the house we stay in, have an emergency fund, we have made investments with our savings, zero credit card debt and excellent credit scores. I owe this to my job.
Currently, I have zero debt. In fact, I have managed most of my life without debt. Except for a loan that I took from my previous employer (at a concessional rate), I have not had much debt.
My husband did take a loan for buying our home, which has been paid off fully. Our current apartment is smaller than an average house but it works for us. Occasionally, when we have family come over, it may feel cramped. So we are considering moving into a somewhat bigger apartment.
Honestly, it is good to have some debt – depends on the purpose and your ability to repay. If you using the debt to build an asset and you can comfortably pay the monthly installments on the loan out of your monthly income, it is good to have debt.
I will not call myself a minimalist, but I do carefully consider each purchase I make – need or want? Where to store? Alternatives?
I may occasionally splurge – but that is, like I said, occasionally.
Why Pennies For Cents?
My life today is comfortable, but I am not satisfied. I want to build a better life, for me, my family and for the people around me.
Working for banks and financial companies may have ended, but I wish to stay in touch with finance.
I read countless articles on several finance websites. Most of these use technical terms and language that is typically used by finance professionals. There are very few which a non-finance professional or a stay-at-home parent, or a work-at-home mom would understand easily.
So I thought I would share the knowledge that I have and I hope to keep acquiring in an easy to understand and simple to implement way. Hence, this blog.
So let’s make some moolah, save some moolah and let our dreams come true.
Wish me luck.